Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Increases By 9.7%

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 5,220,000 shares, a growth of 9.7% from the March 15th total of 4,760,000 shares. Currently, 25.1% of the shares of the company are sold short. Based on an average trading volume of 281,700 shares, the short-interest ratio is currently 18.5 days.

IGM Biosciences Stock Performance

Shares of IGM Biosciences stock traded up $0.25 during trading hours on Monday, reaching $9.41. 185,549 shares of the company were exchanged, compared to its average volume of 278,252. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $17.70. The stock's fifty day moving average is $11.60 and its 200 day moving average is $8.72. The firm has a market cap of $553.21 million, a PE ratio of -1.94 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts' consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The business had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. Research analysts expect that IGM Biosciences will post -3.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada upgraded IGM Biosciences from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, IGM Biosciences has an average rating of "Moderate Buy" and an average target price of $16.89.

Insider Buying and Selling

In other news, Director Bros. Advisors Lp Baker bought 270,000 shares of IGM Biosciences stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares of the company's stock, valued at approximately $30,054,282.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, the chief executive officer now directly owns 220,833 shares of the company's stock, valued at approximately $2,181,830.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the business's stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now directly owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The disclosure for this purchase can be found here. Insiders sold 8,191 shares of company stock worth $80,927 in the last 90 days. Insiders own 56.91% of the company's stock.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the business. Lazard Asset Management LLC acquired a new position in IGM Biosciences in the second quarter valued at $26,000. Cubist Systematic Strategies LLC acquired a new position in IGM Biosciences in the first quarter valued at $30,000. Nisa Investment Advisors LLC boosted its stake in IGM Biosciences by 7,258.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company's stock valued at $32,000 after acquiring an additional 3,847 shares in the last quarter. Citigroup Inc. boosted its stake in IGM Biosciences by 370.7% in the second quarter. Citigroup Inc. now owns 4,382 shares of the company's stock valued at $40,000 after acquiring an additional 3,451 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in IGM Biosciences by 27.7% in the third quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company's stock valued at $43,000 after acquiring an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company's stock.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.